GRAYPEN (0844.194.364): financials and annual accounts

GRAYPEN

Antwerp ·KBO/BCE: BE 0844.194.364

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Balance sheet: assets
Total assets`20/58`	1.4m	2.2m	2.3m	2.8m	1.6m	1.0m	745,057	587,351	346,276	413,396	689,024	761,058	686,526
Formation expenses`20`	-	-	-	-	-	-	-	0	0	0	0	0	0
Fixed assets`21/28`	82,847	76,423	76,310	76,037	77,503	78,077	77,461	77,468	79,556	81,178	87,026	90,012	71,627
Intangible fixed assets`21`	-	-	-	-	-	-	-	0	0	0	0	0	0
Tangible fixed assets`22/27`	7,679	1,255	1,142	869	2,335	2,909	2,293	2,300	2,588	6,010	11,858	14,844	16,459
Land and buildings`22`	-	-	-	-	-	-	-	0	0	0	-	-	0
Plant, machinery and equipment`23`	3,869	599	995	364	1,489	1,945	797	1,605	1,089	1,541	2,949	1,495	1,159
Furniture and vehicles`24`	3,810	656	147	505	846	964	1,496	694	1,499	4,469	8,909	13,349	15,300
Other tangible fixed assets`26`	-	-	-	-	-	-	-	0	0	0	-	-	0
Assets under construction and advance payments`27`	-	-	-	-	-	-	-	0	0	0	-	-	0
Financial fixed assets`28`	75,168	75,168	75,168	75,168	75,168	75,168	75,168	75,168	76,968	75,168	75,168	75,168	55,168
Affiliated companies`280/1`	-	-	-	-	-	-	-	-	-	-	-	-	0
Participating interests`280`	-	-	-	-	-	-	-	-	-	-	-	-	0
Amounts receivable`281`	-	-	-	-	-	-	-	-	-	-	-	-	0
Companies linked by participating interests`282/3`	-	-	-	-	-	-	-	-	-	-	-	-	0
Participating interests`282`	-	-	-	-	-	-	-	-	-	-	-	-	0
Amounts receivable`283`	-	-	-	-	-	-	-	-	-	-	-	-	0
Other financial fixed assets`284/8`	-	-	-	-	-	-	-	-	-	-	75,168	75,168	55,168
Shares`284`	-	-	-	-	-	-	-	-	-	-	-	-	0
Amounts receivable and cash guarantees`285/8`	-	-	-	-	-	-	-	-	-	-	75,168	75,168	55,168
Current assets`29/58`	1.3m	2.1m	2.2m	2.7m	1.5m	930,895	667,596	509,883	266,720	332,218	601,998	671,045	614,900
Amounts receivable after more than one year`29`	-	-	-	-	-	-	-	-	-	-	-	-	0
Trade receivables`290`	-	-	-	-	-	-	-	0	0	0	-	-	0
Other amounts receivable`291`	-	-	-	-	-	-	-	0	0	0	-	-	0
Stocks and contracts in progress`3`	-	-	-	-	-	-	-	0	0	0	-	-	0
Stocks`30/36`	-	-	-	-	-	-	-	0	0	0	-	-	0
Raw materials and consumables`30/31`	-	-	-	-	-	-	-	-	-	-	-	-	0
Work in progress`32`	-	-	-	-	-	-	-	-	-	-	-	-	0
Finished goods`33`	-	-	-	-	-	-	-	-	-	-	-	-	0
Goods purchased for resale`34`	-	-	-	-	-	-	-	-	-	-	-	-	0
Property held for sale`35`	-	-	-	-	-	-	-	-	-	-	-	-	0
Advance payments`36`	-	-	-	-	-	-	-	-	-	-	-	-	0
Contracts in progress`37`	-	-	-	-	-	-	-	0	0	0	-	-	0
Amounts receivable within one year`40/41`	686,469	1.1m	1.4m	1.7m	751,840	462,663	151,024	294,573	131,678	187,888	508,908	490,441	393,663
Trade receivables`40`	661,117	994,448	1.4m	1.6m	745,539	456,395	148,091	291,044	130,162	178,439	486,651	479,012	382,132
Other amounts receivable`41`	25,352	62,401	21,038	19,476	6,301	6,268	2,933	3,529	1,517	9,449	22,257	11,429	11,531
Current investments`50/53`	-	-	-	-	-	-	-	0	0	0	-	-	0
Own shares`50`	-	-	-	-	-	-	-	-	-	-	-	-	0
Other investments`51/53`	-	-	-	-	-	-	-	-	-	-	-	-	0
Cash at bank and in hand`54/58`	613,598	1.1m	816,996	1.0m	737,670	463,540	513,203	210,504	129,083	139,325	92,614	178,515	220,256
Deferred charges and accrued income`490/1`	19,916	20,283	9,087	4,776	4,371	4,693	3,369	4,806	5,959	5,005	476	2,089	981
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	1.4m	2.2m	2.3m	2.8m	1.6m	1.0m	745,057	587,351	346,276	413,396	689,024	761,058	686,526
Equity`10/15`	125,375	347,018	294,652	271,372	186,512	104,288	7,774	2,037	-112,786	-151,155	-137,535	-47,388	-33,979
Contributions`10/11`	18,550	18,550	18,550	18,550	18,550	18,550	18,550	18,550	18,550	18,550	18,550	18,550	18,550
Issued capital`100`	-	-	-	-	-	-	18,550	18,550	18,550	18,550	18,550	18,550	18,550
Uncalled capital`101`	-	-	-	-	-	-	-	0	0	0	-	-	0
Contributions outside capital`11`	-	-	-	-	-	-	-	0	0	0	0	0	0
Share premium`1100/10`	-	-	-	-	-	-	-	0	0	0	0	0	0
Revaluation surpluses`12`	-	-	-	-	-	-	-	0	0	0	0	0	0
Reserves`13`	-	-	-	-	-	-	-	-	-	-	-	-	0
Non-distributable reserves`130/1`	-	-	-	-	-	-	-	-	-	-	-	-	0
Legal reserve`130`	-	-	-	-	-	-	-	0	0	0	-	-	0
Own shares acquired`1312`	-	-	-	-	-	-	-	0	0	0	-	-	0
Other`1319`	-	-	-	-	-	-	-	0	0	0	-	-	0
Tax-exempt reserves`132`	-	-	-	-	-	-	-	0	0	0	-	-	0
Distributable reserves`133`	-	-	-	-	-	-	-	0	0	0	-	-	0
Profit (loss) carried forward`14`	106,825	328,468	276,102	252,822	167,962	85,738	-10,776	-16,513	-131,336	-169,705	-156,085	-65,938	-52,529
Investment grants`15`	-	-	-	-	-	-	-	0	0	0	0	0	0
Advance to shareholders on the distribution of net assets`19`	-	-	-	-	-	-	-	-	-	-	0	0	0
Provisions and deferred taxes`16`	-	-	-	-	-	-	-	-	-	-	-	-	0
Provisions for liabilities and charges`160/5`	-	-	-	-	-	-	-	0	0	0	-	-	0
Pensions and similar obligations`160`	-	-	-	-	-	-	-	0	0	0	-	-	0
Taxes`161`	-	-	-	-	-	-	-	0	0	0	-	-	0
Major repairs and maintenance`162`	-	-	-	-	-	-	-	0	0	0	-	-	0
Environmental obligations`163`	-	-	-	-	-	-	-	0	0	0	-	-	-
Other liabilities and charges`164/5`	-	-	-	-	-	-	-	0	0	0	-	-	0
Deferred taxes`168`	-	-	-	-	-	-	-	0	0	0	0	0	0
Amounts payable`17/49`	1.3m	1.9m	2.0m	2.5m	1.4m	904,684	737,283	585,314	459,062	564,551	826,559	808,446	720,506
Amounts payable after more than one year`17`	-	-	-	-	-	0	40,000	130,000	154,000	154,000	160,000	-	0
Financial debts`170/4`	-	-	-	-	-	0	40,000	130,000	154,000	154,000	160,000	-	0
Subordinated loans`170`	-	-	-	-	-	-	-	-	-	-	160,000	-	0
Unsubordinated bonds`171`	-	-	-	-	-	-	-	-	-	-	-	-	0
Leasing and similar obligations`172`	-	-	-	-	-	-	-	-	-	-	-	-	0
Credit institutions`173`	-	-	-	-	-	-	-	-	-	-	-	-	0
Other loans`174`	-	-	-	-	-	-	-	-	-	-	-	-	0
Trade debts`175`	-	-	-	-	-	-	-	0	0	0	-	-	0
Suppliers`1750`	-	-	-	-	-	-	-	-	-	-	-	-	0
Bills of exchange payable`1751`	-	-	-	-	-	-	-	-	-	-	-	-	0
Advances received on contracts in progress`176`	-	-	-	-	-	-	-	0	0	0	-	-	0
Other amounts payable`178/9`	-	-	-	-	-	-	-	0	0	0	-	-	0
Amounts payable within one year`42/48`	1.3m	1.9m	2.0m	2.5m	1.4m	904,684	697,283	455,314	305,062	410,551	666,559	808,446	720,506
Current portion of amounts payable after more than one year`42`	-	-	-	-	-	-	-	0	0	0	-	-	0
Financial debts`43`	-	-	-	-	-	-	-	-	-	-	-	-	0
Credit institutions`430/8`	-	-	-	-	-	-	-	0	0	0	-	-	0
Other loans`439`	-	-	-	-	-	-	-	0	0	0	-	-	0
Trade debts`44`	1.0m	1.6m	1.3m	1.4m	918,621	604,849	496,527	420,615	212,060	350,565	464,096	357,548	195,110
Suppliers`440/4`	1.0m	1.6m	1.3m	1.4m	918,621	604,849	496,527	420,615	212,060	350,565	464,096	357,548	195,110
Bills of exchange payable`441`	-	-	-	-	-	-	-	0	0	0	-	-	0
Advances received on contracts in progress`46`	116,563	119,520	475,230	930,205	346,291	215,575	153,201	5,150	12,251	27,142	137,065	32,661	81,556
Taxes, remuneration and social security`45`	133,225	167,396	166,277	149,590	119,960	84,260	47,556	29,548	3,992	30,940	34,035	21,318	5,486
Taxes`450/3`	-	-	-	0	34,000	51,000	12,500	13,606	230	220	210	111	0
Remuneration and social security`454/9`	133,225	167,396	166,277	149,590	85,960	33,260	35,056	15,943	3,762	30,720	33,825	21,207	5,486
Other amounts payable`47/48`	-	-	-	-	-	-	-	0	76,759	1,904	31,364	396,919	438,354
Accrued charges and deferred income`492/3`	-	-	-	-	-	-	-	0	0	0	0	0	0
Income statement
Operating income`70/76A`	-	-	-	-	-	-	-	-	-	-	233,147	298,251	35,410
Turnover`70`	-	-	-	-	-	-	-	-	0	0	226,541	297,174	34,391
Change in stocks of work in progress, finished goods and contracts in progress`71`	-	-	-	-	-	-	-	-	-	-	-	-	0
Own construction capitalised`72`	-	-	-	-	-	-	-	-	-	-	-	-	0
Non-recurring operating income`76A`	-	-	-	-	-	-	-	0	0	0	-	-	0
Gross operating margin`9900`	483,355	564,952	703,358	625,742	385,020	370,004	220,371	263,841	128,867	158,921	-	-	-
Operating charges`60/66A`	-	-	-	-	-	-	-	-	-	-	296,300	307,378	87,742
Goods, raw materials, services and sundry goods`60/61`	-	-	-	-	-	-	-	-	0	0	-	-	-
Goods for resale, raw materials and consumables`60`	-	-	-	-	-	-	-	-	-	-	-	-	0
Purchases`600/8`	-	-	-	-	-	-	-	-	-	-	-	-	0
Change in stocks: decrease (increase)`609`	-	-	-	-	-	-	-	-	-	-	-	-	0
Services and other goods`61`	-	-	-	-	-	-	-	-	-	-	143,641	190,744	56,800
Remuneration, social security and pensions`62`	430,142	483,863	418,570	363,853	265,367	216,229	190,889	130,180	81,190	161,661	143,609	110,792	28,899
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	2,418	547	805	1,651	1,702	1,233	1,126	2,398	4,750	5,848	5,502	4,680	1,463
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	-	-	-	0	-1,688	1,688	-	-	0
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-	-	-	-	-	-	0	0	0	-	-	0
Other operating charges`640/8`	2,272	563	200	225	426	231	367	296	1,808	730	3,548	1,162	581
Operating charges capitalised as restructuring costs`649`	-	-	-	-	-	-	-	0	0	0	-	-	0
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	0	0	0	-	-	0
Operating profit (loss)`9901`	48,524	79,979	283,783	260,012	117,525	152,311	27,988	130,966	42,807	-11,006	-63,153	-9,127	-52,333
Financial income`75/76B`	5,711	11,411	24,311	63,682	50	0	10	0	0	6,859	-	-	0
Recurring financial income`75`	5,711	11,411	24,311	63,682	50	0	10	0	0	6,859	-	-	0
Income from financial fixed assets`750`	-	-	-	-	-	-	-	-	-	-	-	-	0
Income from current assets`751`	-	-	-	-	-	-	-	-	-	-	-	-	0
Other financial income`752/9`	-	-	-	-	-	-	-	-	-	-	-	-	0
Non-recurring financial income`76B`	-	-	-	-	-	-	-	0	0	0	-	-	-
Financial charges`65/66B`	2,929	2,584	4,815	5,113	3,479	6,691	5,302	7,893	4,208	9,262	26,784	4,171	197
Recurring financial charges`65`	2,929	2,584	4,815	5,113	3,479	6,691	5,302	7,893	4,208	9,262	26,784	4,171	197
Debt charges`650`	-	-	-	-	-	-	-	-	-	-	22,293	2,555	197
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)`651`	-	-	-	-	-	-	-	-	-	-	-	-	0
Other financial charges`652/9`	-	-	-	-	-	-	-	-	-	-	4,491	1,616	0
Non-recurring financial charges`66B`	-	-	-	-	-	-	-	0	0	0	-	-	-
Profit (loss) for the period before taxes`9903`	51,306	88,806	303,279	318,581	114,096	145,620	22,696	123,073	38,599	-13,409	-89,937	-13,298	-52,529
Income taxes`67/77`	22,949	36,440	80,000	83,721	31,872	49,106	16,959	8,250	230	211	210	111	0
Taxes`670/3`	-	-	-	-	-	-	-	-	-	-	210	111	0
Tax adjustments and reversals of tax provisions`77`	-	-	-	-	-	-	-	-	-	-	-	-	0
Profit (loss) for the period`9904`	28,357	52,366	223,279	234,860	82,224	96,514	5,737	114,823	38,369	-13,620	-90,147	-13,408	-52,529
Transfer from tax-exempt reserves`789`	-	-	-	-	-	-	-	0	0	0	0	0	0
Transfer to tax-exempt reserves`689`	-	-	-	-	-	-	-	0	0	0	0	0	0
Profit (loss) for the period to be appropriated`9905`	28,357	52,366	223,279	234,860	82,224	96,514	5,737	114,823	38,369	-13,620	-90,147	-13,408	-52,529
Appropriation of the result
Profit (loss) to be appropriated`9906`	356,825	328,468	476,102	402,822	167,962	85,738	-10,776	-16,513	-131,336	-169,705	-156,085	-65,938	-52,529
Profit (loss) brought forward from the previous period`14P`	328,468	276,102	252,822	167,962	85,738	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	-	-	-	-	-	-	0	0	0	-	-	0
Withdrawal from contributions`791`	-	-	-	-	-	-	-	-	-	-	-	-	0
From reserves`792`	-	-	-	-	-	-	-	-	-	-	-	-	0
Transfer to equity`691/2`	-	-	-	-	-	-	-	-	-	-	-	-	0
Addition to contributions`691`	-	-	-	-	-	-	-	0	0	0	-	-	0
To the legal reserve`6920`	-	-	-	-	-	-	-	0	0	0	-	-	0
To other reserves`6921`	-	-	-	-	-	-	-	0	0	0	-	-	0
Profit to be distributed`694/7`	250,000	-	200,000	150,000	-	-	-	-	-	-	-	-	0
Return on contributions (dividend)`694`	250,000	-	200,000	150,000	-	-	-	0	0	0	-	-	0
Directors or managers`695`	-	-	-	-	-	-	-	0	0	0	-	-	0
Employees`696`	-	-	-	-	-	-	-	0	0	0	-	-	-
Social balance sheet
Average staff (FTE)`9087`	3.2	3	2.4	2	2	1.8	1.8	1.5	1.2	3	2.8	2	0.5
Men (FTE)`1003`	-	-	-	-	-	-	-	-	-	-	1.8	1.2	0.5
Women (FTE)`1003`	-	-	-	-	-	-	-	-	-	-	1	0.8	0
Agency workers`1501`	-	-	-	-	-	-	-	-	-	-	-	-	0
Hours worked`1013`	5,696	5,160	4,112	3,536	3,560	3,488	3,376	2,652	2,410	5,344	4,887	3,648	973
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

Financial year	Type	Filed	Reference	Document
31-10-2025	abbreviated format	28-04-2026	2026-00103416	PDF
31-10-2024	abbreviated format	30-04-2025	2025-00085168	PDF
31-10-2023	abbreviated format	11-04-2024	2024-00062264	PDF
31-10-2022	abbreviated format	28-04-2023	2023-00071441	PDF
31-10-2021	abbreviated format	07-06-2022	2022-20054323	PDF
31-10-2020	abbreviated format	26-03-2021	2021-08800563	PDF
31-10-2019	abbreviated format	05-06-2020	2020-15100571	PDF
31-10-2018	abbreviated format	11-04-2019	2019-09900343	PDF
31-10-2017	abbreviated format	27-03-2018	2018-08000097	PDF
31-10-2016	abbreviated format	27-06-2017	2017-24000466	PDF
31-10-2015	full format	29-01-2016	2016-03500232	PDF
31-10-2014	full format	18-05-2015	2015-12400333	PDF
31-10-2013	full format	10-06-2014	2014-16500447	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
EBITDA	50,942	80,526	284,588	261,664	119,227	153,544	29,114	133,364	47,557	-5,159	-57,651	-4,447	-50,870
Cash flow	30,775	52,914	224,084	236,511	83,926	97,747	6,863	117,222	43,119	-7,773	-84,645	-8,729	-51,067
Investment in fixed assets	8,842	660	1,078	185	1,128	1,849	1,120	2,110	3,127	0	2,516	3,065	17,921
Change in cash	-447,677	244,279	-215,642	294,967	274,131	-49,663	302,700	81,421	-10,242	46,711	-85,901	-41,741	-
Working capital	42,528	270,595	218,342	195,335	109,010	26,211	-29,687	54,570	-38,342	-78,334	-64,561	-137,400	-105,606
EBIT margin	-	-	-	-	-	-	-	-	-	-	-27.9%	-3.1%	-
Solvency	8.9%	15.7%	13.0%	9.8%	11.9%	10.3%	1.0%	0.3%	-32.6%	-36.6%	-20.0%	-6.2%	-4.9%
Current ratio	1.03	1.14	1.11	1.08	1.08	1.03	0.96	1.12	0.87	0.81	0.90	0.83	0.85
Debt to equity	10.19	5.38	6.72	9.22	7.43	8.67	94.84	-	-	-	-	-	-
ROE	22.6%	15.1%	75.8%	86.5%	44.1%	92.5%	73.8%	-	-	-	-	-	-
ROA	2.0%	2.4%	9.8%	8.5%	5.2%	9.6%	0.8%	19.5%	11.1%	-3.3%	-13.1%	-1.8%	-7.7%
Interest coverage	17.39	31.17	59.10	51.18	34.27	-	-	-	-	-	-2.59	-1.74	-258.55
Customer credit	-	-	-	-	-	-	-	-	-	-	784 days	588 days	4056 days
Supplier credit	-	-	-	-	-	-	-	-	-	-	1179 days	684 days	1254 days

Item	31-10-2025	31-10-2024	31-10-2023	31-10-2022	31-10-2021
Employees at the balance-sheet date	4	3	3	2	2
full-time	4	3	3	2	2
part-time	-	-	0	0	0
in full-time equivalents	4	3	3	2	2
Average over the year, in full-time equivalents	3.2	3	2.4	2	2
On a permanent contract	4	3	3	2	2
Joined	2	-	2	-	1
Left	1	-	1	-	1
Training hours	-	-	-	-	32

Item	31-10-2025	31-10-2024	31-10-2023	31-10-2022	31-10-2021
Tangible fixed assets	€8,842	€660	€1,078	€185	€1,128
Financial fixed assets	-	-	-	-	€0
Depreciation and write-downs of the year	€2,418	€547	€805	€1,651	€1,702

GRAYPEN

Annual accounts 2025

Money flows

Balance sheet

Change in equityin euro

Change in cashin €m

Position in the sector

Solvency8.9%

Current ratio1.03

Return on assets2.0%

Staff

Men and women

Staff cost per FTE€134,419

Joined and left+1

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Insights on GRAYPEN

Next steps